Vunani Capital Partners (VCP), a diversified investment company listed on the Equity Express Securities Exchange, has managed to achieve what has long eluded its larger JSE counterparts: trading at a premium to net asset value (NAV).

JSE-listed investment counters — which include Remgro, Sabvest, Brimstone, Brait and Hosken Consolidated Investments (HCI) — have long traded at deep discounts to their respective NAVs, sometimes as high as 40%...